Coin Metrics is committed to building the crypto economy on a foundation of truth, providing authentic and accurate data with the highest standards of clarity and precision. With this mission in mind, we are proud to share our June edition of Movers and Shakers, the monthly resource aiming to bring more transparency and credibility to the rapidly evolving crypto space.
As new assets reach a certain degree of accessibility to investors, specifically as they achieve alignment with our Market Selection Framework and the Trusted Volume Framework, Coin Metrics uses its crypto expertise to describe the assets’ context of use. The following assets are expected to reach alignment this month:
Omni Network (OMNI) is a cross-chain interoperability actively validated service on Ethereum providing seamless messaging across rollups in the Ethereum ecosystem. Omni harnesses Ethereum’s economic security by enabling users to restake their staked ETH to secure Omni network activity. Omni’s Portal Contracts connect rollups to the Omni Network where relayers pass validated transactions from one chain to another in a standardized XMsg format. Validators reach consensus using the CometBFT consensus mechanism to bundle and send transactions to relayers who transfer across chains. Omni’s Ethereum Virtual Machine allows developers to deploy smart contracts on Omni to create more sophisticated actions across networks. OMNI tokens can be staked to secure the network and are rewarded to relayers and validators. OMNI is also used to deploy and interact with smart contracts as the gas token.
Pyth Network (PYTH) is a decentralized oracle platform on Solana that aggregates and sends real-time financial data including crypto, equities, foreign exchange, and commodity prices to blockchains. Data Publishers interact with Pyth’s Oracle Program, each publishing a slot to update price feeds and create a confidence interval of price across different accounts. Pyth only allows first-party data including exchanges, market makers, and data providers to participate as Data Publishers to ensure consistent real-time quality data. Pyth is native to Solana, enabling Solana developers to directly implement price feeds into their projects. Pyth’s data providers also operate Pythnet, an application-specific blockchain that enables all other blockchains to receive aggregated data. PYTH tokens are staked to participate in governance of the Pyth Network where users can vote on proposals including adjusting the size of update fees, reward distribution mechanisms, and publisher approvals.
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